CIB provides a landmark $1.16 billion loan for the Port of Montreal’s Contrecœur expansion project

A decisive milestone has been reached for the Port of Montreal’s Contrecœur expansion project: the Canada Infrastructure Bank (CIB) is providing a $1.16 billion loan to the Montreal Port Authority (MPA).

The announcement was made this morning at the project site by the Prime Minister of Canada, Marc Carney, in the presence of Steven MacKinnon, Minister of Transport and Leader of the Government in the House of Commons; Jean Boulet, Minister of Labour, Minister of Economy, Innovation and Energy, and Minister responsible for Québec’s Maritime Strategy; and Nathalie Pilon, Chair of the MPA Board of Directors.

This loan represents a critical step for the project, as it establishes a solid financial foundation and confirms the continuation of construction. The CIB’s participation helps minimize the project’s cost of capital, enabling the MPA to maintain its strong investment-grade credit rating while preserving cash flow for its ongoing operations. As part of this transaction, BMO Capital Markets acted as financial advisor to the MPA in closing the agreement with the CIB.

The project is built on a strong partnership between governments and the private sector, which will cover more than 85% of total costs. The Government of Québec has contributed $130 million, and Transport Canada $150 million. The full financing will be repaid through independent revenues as well as contributions from the private sector as terminal operator.

Timeline

• 2026: In-water works, including construction of quay walls, and infrastructure required for vessel access and operations, carried out by a joint venture between Pomerleau and Aecon.
• 2027: Construction of terminal and logistics infrastructure, including the development of the intermodal yard, terminal construction, and installation of ship-loading equipment, on a site located approximately 40 kilometers northeast of Montreal.
• 2030: Commercial operations begin.

Major economic benefits

The project will generate significant economic impact, including the creation of 4,000 jobs per year during construction. It will support up to $750 million in additional average annual GDP.

Recognized by the federal government as a project of national interest, the Contrecœur terminal will strengthen Canada’s container handling capacity through its eastern gateway. It will contribute to trade diversification, economic resilience, and support hundreds of thousands of jobs linked to the supply chain.

Project at a glance

• Annual capacity of up to 1.15 million twenty-foot equivalent units (TEUs), representing approximately 60% of the current capacity of the Port of Montreal, helping address long-term constraints and support future container traffic growth.
• The shortest maritime route between the industrial heartland of North America and Europe, as well as the Mediterranean—two promising alternative markets for Canadian importers and exporters.
• Use of existing infrastructure, including Highway 30 and CN rail connections, limiting new land construction and environmental impacts.
• A terminal designed to minimize its environmental footprint and compliant with the 388 binding conditions set by the Impact Assessment Agency of Cana